Ex-Summit Bank CEO pleads guilty

James A. Bishop, the former CEO and chairman of Summit Bank of Burlington, which failed in 2011, has pleaded guilty to providing false information to bank regulators.

As part of his plea deal, Bishop, 70, faces a prison term of between 12 to 41 months when he's sentenced in November.

The government alleges that Bishop and his son, James Bishop II, who served as the bank's president, concealed to bank regulators the number of bank loans that were in default between 2009 and 2009, making the bank look healthier than it actually was.

“These defendants — both experienced bankers — took a myriad of steps to hide the true financial condition of Summit Bank from federal and state regulators," said U.S. Attorney Jenny Durkan, in a statement.

In May 2011, Summit Bank's assets and nearly all of its deposits were acquired by Tacoma-based Columbia State Bank.

James Bishop II has also been charged in the case and a plea hearing has been set for next month.